The UK P&I Club has won approval from the Netherland’s financial regulator for a licence for its Rotterdam-based subsidiary UK P&I Club N.V. (UKNV). Many other UK-based clubs have sought similar European outposts in recent months with Brexit looming, establishing subsidiaries in places such as Ireland and Cyprus.
The new Dutch subsidiary will ensure the UK Club, together with other Thomas Miller managed clubs for which UKNV is fronting, can continue to serve members when and if the United Kingdom leaves the European Union.
The UKNV Rotterdam office is located in the World Port Center.
Hugo Wynn-Williams, CEO, UK P&I Club, commented: “With the expected loss of passporting rights, we have put these plans in place to ensure our members can continue to conduct their business with little or no disruption.”
Andrew Taylor, chief executive of Thomas Miller P&I, added: “[T]his is not a brass plate exercise and our Rotterdam subsidiary will be a fully functioning office to ensure our members continue to receive the same excellent standard of service they are accustomed to.”